Klondike Silver Corp. Acquires Timmins Property With Multiple VTEM Anomalies and Historic High-Grade Vein Mineralization
- Historic Channel Sampling Reported 27.09% Lead, 6.17% Zinc And 3.2 Oz/Ton Silver Over 2.25 Feet
- Multiple Airborne Vtem Anomalies Occur In Proximity To Historic Rich Lead-Zinc-Silver Veins
- Possible Vms Type Deposit, Veins Hosted In Felsic And Mafic Volcanic Package Of Rocks
VANCOUVER, BRITISH COLUMBIA-(Dec. 15, 2009) - Klondike Silver Corp. (the "Company") (TSX VENTURE:KS) is pleased to announce, subject to regulatory approval, the option to acquire a 100% interest in the Cleaver Central property, located 30 km south of Timmins, Ontario in Cleaver Township. The property consists of four claims (46 units) and access is via an all-weather road from Timmins.
To view a map of Klondike Silver's newly acquired Cleaver Central property, please click on the following link or cut and paste the link into your web browser:
http://media3.marketwire.com/docs/tw_map_1215.pdf
"Historic high-grade lead-zinc-silver veins in conjunction with never before tested VTEM anomalies make the Cleaver Central property a top priority in Klondike Silver's Ontario exploration plans," comments Company President, Richard Hughes. "It is not yet known whether a relationship exists between these historic veins and the VTEM anomalies, but given their proximity to one another, immediate exploration is warranted.
This is an exciting acquisition for the Company as it continues to diversify its portfolio in order to gain maximum exposure to both precious and base metal markets. Drilling has now commenced on our joint-ventured Espiritu property in Mexico and we will soon be providing an update on our Sandon operations, where recent underground drilling has located what is believed to be an extension of the camp's 'Main Lode' structure. We look forward to advancing these properties as well as the Cleaver Central property into 2010 and beyond."
Consideration for the property consists of $105,000 and 400,000 shares, payable over 36 months. There is a 3% net smelter return payable, of which one-third (1%) may be purchased for $1,000,000. A further 100,000 common shares are issuable upon completion of a positive feasibility study.
Klondike Silver plans to carry out ground geophysical and prospecting surveys to assess potential relationships between the mineralization found in historic veins and the VTEM geophysical anomalies.
About Klondike Silver:
Klondike Silver is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada.
Klondike Silver Corp. has assembled a quality portfolio of silver properties in historic mineral districts in North America, and is applying advanced exploration technologies to add value to these core assets. Klondike Silver is reviving the Gowganda and Elk Lake silver camps in Ontario, and the world-famous Klondike district of Yukon Territory. The Company owns a 100 TPD fully operational flotation mill in Sandon, BC, which is currently processing material from local mines in the historic Slocan Silver Camp. As well, Klondike Silver entered into a joint venture with Kootenay Gold Inc. to explore a copper-porphyry property in the state of Sonoro in northern Mexico.
Visit Klondike Silver's web-site: www.klondikesilver.com to see Smartstox interviews with Company President, Richard Hughes.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy or contents of this news release.
For more information, please contact
Klondike Silver Corp.
Kevin Hull or Alan Campbell
(604) 685-2222
Email: info@klondikesilver.com
Or
AGORACOM Investor Relations
Email: KS@agoracom.com
Website: http://www.agoracom.com/ir/KlondikeSilver
